ALTHOUGH vice premier Zhu Rongji is officially the person in charge of China's securities industry, it is Liu Hongru who is responsible for the day-to-day running of the securities markets. Mr Liu is concurrently the first vice chairman of the State Council Securities Policies Committee (SCSPC) and the chairman of the China Securities regulatory Commission (CSRC). Ironically, the man who is in charge of China's securities markets, which are traditionally associated with capitalism, is in fact a Soviet trained economist. He did his post graduate work at the Economics Department of Moscow University from 1955 to 1957, and later graduated from the Moscow Finance College in 1959 with a doctorate degree in money and banking. After returning to China in 1959, Mr Liu worked as deputy general office director of the People's Bank of China and later was made the vice governor of the state-owned Agricultural Bank. In 1980 he was appointed vice governor of the People's Bank of China and was later concurrently a vice director of the powerful State Commission on Restructuring the Economic Systems. In 1990, he took up the full-time job at the State Commission for Restructuring the Economic System which gave him the opportunity to take part in the development of China's securities industry. And when the riots in Shenzhen erupted following the chaotic sales of share purchasing coupons in August of 1992, the Chinese State Council decided to take a more active role in regulating the country's fledgling stock markets. Mr Liu became the natural choice to chair the China Securities Regulatory Commission.